Upbit Composite Index Rises 3%! Why did 2.45 Trillion KRW Flock to XRP?

Upbit Composite Index Rises 3.02%... Transaction Value Increases 16%, SOON Surges 72%

▲ Upbit, Bitcoin, XRP ©

Last week, the Upbit market showed strength as major virtual assets rebounded across the board and transaction values recorded double-digit growth rates. While Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) all rose, buying sentiment spread to altcoins and major sectors, with SOON surging over 72%.

According to the Upbit Datalab weekly report (September 21-27) provided by Dunamu, the Upbit Composite Index (UBCI) recorded 11,699.25, a 3.02% increase compared to the previous week. The Fear & Greed Index dropped 2 points from the previous week to 60, indicating 'neutral'. Despite the rise in the composite index, investor sentiment slightly weakened, showing a divergence from price movements.

The weekly transaction value increased by 16.13% from the previous week to 15.92 trillion KRW. XRP ranked first in transaction value, recording 2.45 trillion KRW, followed by Bitcoin with 990 billion KRW and Ethereum with 710 billion KRW. Notably, XRP's transaction value more than doubled that of Bitcoin, making it the most actively traded virtual asset in the Upbit market last week.

Top market cap assets also generally showed strength. XRP recorded the highest return among the top 5 assets, rising 6.42% over the week, while Bitcoin rose 2.96% and Ethereum rose 0.58%. On the other hand, Tether (USDT) fell 1.02% and USD Coin (USDC) fell 0.95%. Among small and medium-sized altcoins, SOON surged 72.48% to take the top spot in weekly gains, followed by ARK with 60.29% and The Graph (GRT) with 59.87%.

By sector, the upward trend was even more pronounced. The Interoperability & Bridge sector recorded the highest return, rising 32.77%, followed by Data Infrastructure at 21.42%, Storage at 21.28%, Decentralized Identity (DID) at 20.95%, and NFT & Gaming at 19.98%. Conversely, the Wallet & Messaging sector performed the worst, falling 1.1%, while Modular Blockchain recorded a relatively low return of 0.86%, Payment & Settlement Infrastructure 3.24%, Liquid Staking & Restaking 5.38%, and Zero-Knowledge (ZK) Infrastructure 6.47%.

Last week, the Upbit market was characterized by an overall market recovery, with the composite index and transaction value rising simultaneously, and most major virtual assets also increasing. Notably, XRP recorded the highest growth rate among top market cap assets and also ranked first in weekly transaction value, while small and medium-sized altcoins such as SOON, ARK, and The Graph showed surges in the 60-70% range. The fact that all top 5 sectors, including Interoperability & Bridge, rose by more than 19% also indicates that buying sentiment spread across altcoins.

▲ [Dunamu] Upbit Datalab Weekly Report 0921-0927

Meanwhile, Upbit Datalab is a specialized data service by Dunamu, which operates the digital asset exchange Upbit. It provides indicators for virtual asset market analysis, including the Upbit Composite Index, market trends, and sector classification. The composite index is calculated with October 1, 2017, as the base point of 1,000, and the Fear & Greed Index is calculated by combining Upbit's 24-hour execution price and trading volume.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*